| A Homebuyers Service From CLHLLC |
CLOSING COSTcontinued
CLOSING COST to get the MORTGAGE
Here is a run down of the cost items that you will pay leading up to the closing or at the closing, that pertain to getting the MORTGAGE (and not pertaing to getting the HOME).
HOW IT WORKS
HOW PERSONS IN LENDING MAKE MONEY
Sources of income for ones involved in lending. There are three types of cost connected directly to borrowing money for a home purchase.
Interest. This is the rent you pay to use other peoples money. You pay this rent each month for the time you use the money. You pay it to those lenders who gave you the money.
- Profit. This is the money you pay to the persons who arrange the loan; those who set up for other people to provide you with the home purchase funds.
- Administration costs. The persons who arrange the loan want a profit, but also want to pass on to you some of their costs.
Here we are taking about the persons who arrange or obtain a loan for you. (Chris doesn't like to call them the loan arrangers, so he has coined a different name.) I am calling them the Mortgage Agents, and they are the persons you will interact with to borrow the purchase money (places like banks, credit unions and mortgage brokers). Chris as your Mortgage Broker will be your Mortgage Agent. You will not meet with the persons who are providing the money and collecting the interest. But you will meet with Mortgage Agents, and they will do all the hard work to get you the mortgage. These Agents, charge a variety of fees that are sources of income, and cover their Profit and Administration Cost.
GIVE “CHRIS” A CALL AND DISCUSS HOW HE CAN BE YOUR MORTGAGE AGENT AND START YOU ON THE ROAD TO HOME OWNERSHIP
YOU CAN'T MISS WITH CHRIS Call him today! OK?
